BlackRock, the largest U.S. asset manager, launched its first European tokenized fund offering on August 4, adding 12 on-chain share classes across six existing Institutional Cash Series money market funds in 15 markets. Denominated in euros, British pounds and U.S. dollars, the UCITS-compliant classes use JPMorgan’s Kinexys blockchain infrastructure and Ethereum, with each token designed to represent one underlying fund share. Approved digital wallets can transfer the assets through smart contracts 24 hours a day, 365 days a year, while the official shareholder registry remains with the fund’s JPMorgan-affiliated transfer agent. The six funds had combined assets under management of $311 billion, approximately ¥49.2 trillion, as of June 30, 2025, although that figure represents total fund assets rather than the amount transferred on-chain. The European launch followed two tokenized U.S. money market funds introduced on August 3. Larry Fink has described tokenization as "the next generation for markets" and "the next major market trend," while Kinexys executive Kara Kennedy said it had "moved from concept to execution."